Belgium: Sovereign credit ratings

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Sovereign credit ratings in Belgium: The table shows the history of sovereign credit ratings. Click on the following link to see the values of Sovereign credit ratings around the world. Sources: Fitch, Moody's, S&P, Scope.

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Agency Rating Outlook Date
Fitch AA- Negative 2/2024
Fitch AA- Negative 9/2023
Scope AA- Negative 9/2023
Moody's Aa3 Stable 4/2023
Scope AA- Stable 10/2022
Fitch AA- Stable 9/2022
Fitch AA- Stable 3/2022
Moody's Aa3 Stable 11/2021
Fitch AA- Stable 9/2021
Scope AA- Stable 5/2021
Fitch AA- Negative 3/2021
Fitch AA- Negative 10/2020
Fitch AA- Negative 4/2020
Scope AA Negative 2/2020
Moody's Aa3 Stable 10/2019
Fitch AA- Stable 10/2019
Fitch AA- Stable 4/2019
Fitch AA- Stable 12/2018
Fitch AA- Stable 6/2018
Scope AA Stable 5/2018
Scope AA Stable 5/2018
Fitch AA- Stable 12/2017
Fitch AA- Stable 7/2017
Scope AA Stable 6/2017
Scope AA Under Review 5/2017
Moody's Aa3 Stable 3/2017
Fitch AA- Stable 12/2016
Fitch AA Negative 7/2016
Fitch AA Negative 1/2016
Fitch AA Negative 11/2014
Fitch AA Stable 8/2014
Fitch AA Stable 7/2014
Fitch AA Stable 6/2014
Fitch AA Stable 5/2014
Fitch AA Stable 4/2014
Moody's Aa3 Stable 3/2014
Fitch AA Stable 3/2014
Standard & Poor's AA Stable 2/2014
Fitch AA Stable 2/2014
Fitch AA Stable 1/2014
Fitch AA Stable 12/2013
Fitch AA Stable 11/2013
Fitch AA Stable 3/2013
Fitch AA Negative 7/2012
Fitch AA Negative 4/2012
Fitch AA Negative 2/2012
Standard & Poor's AA Negative 1/2012
Fitch AA Negative 1/2012
Standard & Poor's AA Negative watch 12/2011
Moody's Aa3 Negative 12/2011
Fitch AA+ Negative 12/2011
Standard & Poor's AA Negative 11/2011
Fitch AA+ Negative 10/2011
Fitch AA+ Negative 5/2011
Standard & Poor's AA+ Negative 12/2010
Moody's Aa1 Stable 1/2009
Fitch AA+ Stable 5/2006
Moody's Aa1 Positive 3/2006
Standard & Poor's AA+ Stable 11/2005
Moody's Aa1 Stable 11/2003
Fitch AA Stable 6/2002
Fitch AA- Stable 9/2000
Standard & Poor's AA+ Stable 5/1998
Standard & Poor's AA+ Stable 8/1995
Standard & Poor's AA+ Stable 11/1992
Standard & Poor's AA+ Stable 7/1992
Standard & Poor's AA+ Positive 6/1989

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Definition: S&P includes long-term ratings from the highest AAA to the lowest D rating. Moody’s includes long-term ratings from the highest Aaa to the lowest C. Fitch includes long-term ratings from the highest AAA to the lowest D rating. Scope includes long-term foreign-currency ratings from the highest AAA to the lowest D rating.

For all four international credit rating agencies, ratings are divided into two main groups based on the level of credit risk: investment grade for lower levels of credit risk and speculative grade for higher levels of credit risk. For S&P, Fitch and Scope, investment grade issues/issuers are those rated from BBB- and above, while those from BB+ and below are categorized as speculative grade. Moody’s denotes as investment grade issues/issuers as those rated from Baa3 and above, while ratings from Ba1 and below fall into the category of speculative grade.

All four agencies include modifiers into their generic alphabet-based ratings for particular ranges. Ratings from S&P, Fitch and Scope are modified with “+” or “-” from the range AA to CCC. Moody’s appends numerical modifiers from 1 to 3 to the generic rating classifications from Aa to Caa. 1 indicates standing in the higher end of the generic category, while 3 indicates ranking in the lower end. All modifiers denote relative status within major ratings categories.

Rating Outlooks indicate the direction the rating is likely to move over a one- to two-year period. In determining an outlook, consideration is given to any changes in fundamental business conditions. Credit Watch focuses on identifiable events that cause ratings to be placed under special surveillance.

Rating Outlooks/Watches for the four agencies are the following:

- Positive means that a rating may be raised
- Negative means that a rating may be lowered
- Stable means a rating is not likely to change
- When the fundamental trend has strong, conflicting elements of both positive and negative, the Outlook/Watch can be denoted as Developing (for Scope, a Stable Outlook would be assigned in this case).

Credit Watches do not include a Stable Watch because they are only event driven and denote higher probability of change in the rating. Credit Outlooks and Watches are mutually exclusive.
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